French materials handling manufacturer Manitou has reported a 22% increase in net sales in 2023 of EUR2.87 billion (USD2.04 billion).

Manitou chief executive officer Michel Denis says the strong growth in profitability last year “completely erased” the company’s financial underperformance in 2022.

“The development of our profitability in 2023 is the result of substantive work initiated at the beginning of 2022 to react to the explosion in inflation following the outbreak of war in Ukraine,” Denis says.

“Sales price rises have gradually offset inflation in raw materials and expenses, and the supply chain tensions encountered since the Covid pandemic have eased, giving way to improvements in industrial efficiency.”

Denis forecast stable revenue for 2024.

“The downturn in European markets, particularly in construction, should be offset by the dynamism of the North American market,” he says. 

“This polarisation of markets will affect our production sites in different ways, with some remaining at record production rates, and others slowing down compared with 2023.”

Manitou’s product division reported a 25% increase in revenue to EUR2.47 billion (USD2.69 billion) as a result of higher selling prices, increased production rates and steady improvements in the fluidity of the supply chain.

Its services and solutions division posted a 2% rise in revenue to EUR399 million (USD436 million) on increased spare parts sales and a gradual improvement in the supply chain.